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Despite a relatively modest performance by the Nifty Bank, which posted a 0.4% gain, the broader market saw substantial gains. The Nifty Midcap index surged nearly 3%, aided by strong moves in several midcap stocks. All sectoral indices saw gains this week, with the metal and PSU stocks topping the list of gainers. The Nifty Metal index rose 9%, buoyed by positive global cues, with key players in the sector such as Tata Steel and Hindalco making significant contributions to the market’s strength.
Among the Nifty 50 stocks, nearly 40 posted gains for the week, with four of them delivering double-digit returns. Key gainers in the index included Bharat Electronics (BEL), Tata Steel, BPCL, Hindalco, Adani Enterprises, and Adani Ports, all of which recorded notable gains. In the midcap space, India Cements, Adani Energy, Alembic Pharmaceuticals, and HPCL were among the top performers, showing strong price action and investor interest.
Market at Close: Rangebound Session with Modest Moves
On Friday, the market ended with a largely rangebound session, showing little change from the previous day’s levels. The Sensex fell by 8 points, settling at 74,333, while the Nifty dropped 8 points to close at 22,553. The Nifty Bank index slipped 130 points, closing at 48,498, reflecting some profit-taking after recent gains. The Midcap index fell by 158 points, finishing at 49,191.
Among the notable stocks, Reliance Industries saw a significant move for the second consecutive day, supported by positive brokerage notes, while Bajaj Auto and Hero MotoCorp also saw buying interest following recent underperformance. The broader market remained positive, with a favorable market breadth indicating that advances outpaced declines despite the slight negative close for the Midcap index.
Tyre stocks were in focus as crude oil prices saw a fall, benefiting companies like Apollo Tyres, which rose nearly 3%. Metal stocks continued to perform well, driven by favorable global cues. In a notable development, Zee Entertainment saw a 6% rise as promoters bought an additional stake in the company, further bolstering investor confidence.
Midcap and Smallcap Movers: Winners and Losers
Among the midcap stocks, Titagarh Rail, SRF, IRFC, Tube Investments, CAMS, and Honeywell were some of the top gainers, reflecting strong investor interest. However, Gensol failed to maintain its opening gains, closing the session 5% lower. Similarly, PI Industries ended in the red, though it managed to recover sharply from its intraday lows following the release of Kumiai’s Q1 earnings.
In terms of midcap losers, Kalyan Jewellers, MGL, Zomato, OFSS, Paytm, and Godrej Properties were among the top underperformers, with significant declines observed in these stocks. The market’s mixed performance at the close indicates that while the broader market showed strength throughout the week, volatility remained a feature for individual stocks and sectors.
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